Crypto.com has removed Dogecoin and Shiba Inu

Yesterday Crypto.com officially announced the removal of 13 cryptocurrencies from its Earn program. 

Crypto Earn changes effective 27 June 2022:

✅ $FTM, $ZIL and $NEAR are now available for Crypto Earn
✅ Select tokens no longer available
✅ Revised rewards rates for select stablecoins pic.twitter.com/cqkklGHZC3

— Crypto.com (@cryptocom) June 27, 2022

The 13 cryptocurrencies removed from Crypto.com’s Earn program.

The official statement says that the following tokens are no longer available on Crypto Earn as of yesterday: SHIB, DOGE, XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX, BNT. 

Prominent among these, in addition to Tezos, Maker, and EOS, are Dogecoin and Shiba Inu. 

Instead, the following remain available on the service: CRO, BTC, ETH, USDT, USDC, ALGO, AVAX, BAT, BNB, BCH, ADA, CELR, LINK, ATOM, MANA, EGLD, ENJ, ONE, LTC, PAXG, DOT, MATIC, SOL, XLM, TONIC, UNI, VET, VVS. 

In addition, NEAR, ZIL (Zilliqa) and FTM (Fantom) will also be added soon.

It is worth noting that among the tokens still included on Crypto Earn are several much less famous and traded than Dogecoin and Shiba Inu, such as VVS Finance, Tectonic, Harmony, and Celer Network. In particular, it sounds strange that ONE (Harmony) is still included in this list, after its recent problems, while SHIB and DOGE have been excluded. 

It is possible that the choice was to remove memecoins from the Earn program, but to leave DeFi tokens. No explanation was given for this decision. 

Dogecoin and Shiba Inu prices affected by news from Crypto.com

Dogecoin and Shiba Inu prices reacted negatively to the news. In fact, on a day when BTC and ETH are essentially stable, DOGE loses more than 6% and SHIB almost 5%. 

ONE, for example, also loses 7%, but that is probably because of Friday’s hack. 

Among the top 15 cryptocurrencies by market cap today Dogecoin and Shiba Inu are the biggest losers, although among the top 20 they are overtaken by MATIC (Polygon) in this metric. MATIC is one of the remaining tokens included in Crypto.com‘s Earn program. 

Recently in particular, the price of DOGE had risen from $0.06 to nearly $0.08, then dropped back to around $0.07. It still remains 11% lower than its value a month ago, and 90% lower than its May 2021 highs. 

SHIB, on the other hand, had risen from $0.008 thousandths of a dollar to nearly $0.012, then fell back to $0.011. Over the past 30 days overall it has risen 2%, but still remains 87% lower than its October highs. 

Crypto.com’s decision has triggered many negative comments on Twitter, partly because in the absence of a justification many cannot understand this decision. However, it is conceivable that they may have done so because they fear that they will have problems fully satisfying the wishes of investors who deposit DOGE and SHIB on their platform in order to make money with the Crypto Earn program.